When we first heard that Jay Z and Will Smith were teaming up for a modern-day “Annie” remake starring Jamie Foxx, Cameron Diaz and Quvenzhané Wallis at the titular happy-go-lucky orphan, it was hard to imagine what exactly they had in mind.

But now, thanks to the first trailer for the Will Gluck-directed remake, we have a better picture.

It is scheduled for Christmas this year. What do you think of this first look?